Renaissance Technologies LLC Sells 17,300 Shares of East West Bancorp, Inc. (NASDAQ:EWBC)

Renaissance Technologies LLC decreased its position in shares of East West Bancorp, Inc. (NASDAQ:EWBC) by 8.9% during the second quarter, Holdings Channel.com reports. The institutional investor owned 177,733 shares of the financial services provider’s stock after selling 17,300 shares during the quarter. Renaissance Technologies LLC’s holdings in East West Bancorp were worth $13,015,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Riverview Trust Co purchased a new stake in East West Bancorp in the first quarter worth about $25,000. YHB Investment Advisors Inc. bought a new position in shares of East West Bancorp during the first quarter valued at approximately $27,000. Kapitalo Investimentos Ltda purchased a new position in East West Bancorp during the fourth quarter valued at approximately $29,000. Rise Advisors LLC bought a new position in East West Bancorp in the first quarter worth approximately $30,000. Finally, Cullen Frost Bankers Inc. purchased a new stake in East West Bancorp during the second quarter worth $30,000. Institutional investors own 89.53% of the company’s stock.

Insider Transactions at East West Bancorp

In other East West Bancorp news, EVP Lisa L. Kim sold 6,000 shares of the company’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $78.68, for a total value of $472,080.00. Following the sale, the executive vice president now directly owns 18,891 shares of the company’s stock, valued at $1,486,343.88. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, EVP Gary Teo sold 3,450 shares of East West Bancorp stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $87.73, for a total transaction of $302,668.50. Following the completion of the transaction, the executive vice president now directly owns 15,875 shares of the company’s stock, valued at approximately $1,392,713.75. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Lisa L. Kim sold 6,000 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $78.68, for a total transaction of $472,080.00. Following the completion of the transaction, the executive vice president now owns 18,891 shares of the company’s stock, valued at $1,486,343.88. The disclosure for this sale can be found here. Insiders have sold 13,346 shares of company stock worth $1,108,160 over the last 90 days. 1.04% of the stock is currently owned by company insiders.

East West Bancorp Stock Performance

Shares of EWBC opened at $82.57 on Monday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 0.92. The stock has a 50-day moving average of $81.35 and a two-hundred day moving average of $76.89. The stock has a market cap of $11.49 billion, a P/E ratio of 10.40, a P/E/G ratio of 2.65 and a beta of 1.29. East West Bancorp, Inc. has a one year low of $49.59 and a one year high of $89.75.

East West Bancorp (NASDAQ:EWBC) last released its earnings results on Tuesday, July 23rd. The financial services provider reported $2.07 EPS for the quarter, topping analysts’ consensus estimates of $1.97 by $0.10. East West Bancorp had a return on equity of 16.64% and a net margin of 25.40%. The firm had revenue of $638.00 million during the quarter, compared to the consensus estimate of $631.61 million. During the same quarter in the previous year, the company posted $2.20 earnings per share. The company’s revenue was down .9% compared to the same quarter last year. As a group, research analysts predict that East West Bancorp, Inc. will post 8.2 EPS for the current year.

East West Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Friday, August 2nd were issued a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 2.66%. The ex-dividend date of this dividend was Friday, August 2nd. East West Bancorp’s dividend payout ratio (DPR) is currently 27.71%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Jefferies Financial Group cut their price target on East West Bancorp from $94.00 to $85.00 and set a “buy” rating on the stock in a report on Wednesday, July 3rd. Morgan Stanley boosted their target price on shares of East West Bancorp from $95.00 to $103.00 and gave the stock an “overweight” rating in a report on Monday, August 5th. Truist Financial lowered their price target on shares of East West Bancorp from $96.00 to $93.00 and set a “buy” rating on the stock in a report on Friday. StockNews.com upgraded shares of East West Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, July 17th. Finally, DA Davidson raised their target price on shares of East West Bancorp from $92.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Two analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $89.33.

About East West Bancorp

East West Bancorp, Inc operates as the bank holding company for East West Bank that provides a range of personal and commercial banking services to businesses and individuals in the United States. The company operates through three segments: Consumer and Business Banking, Commercial Banking, and Other.